#78: The Future Of Farming: AI Innovations That Are Transforming Agriculture
Hello,
This newsletter will take you about 4 minutes to read.
I. Spotlight: The Future Of Farming: AI Innovations That Are Transforming Agriculture
Agriculture is a cornerstone of human civilization, a testament to our ability to harness nature for sustenance. Yet, this age-old industry faces many challenges that hamper productivity, impact livelihoods, and threaten global food security.
By 2050, we must produce 60 percent more food to feed a world population of 9.3 billion, reports the Food and Agriculture Organization. Given the current industry challenges, doing that with a farming-as-usual approach could be tricky. Moreover, this would extend the heavy toll we already place on our natural resources.
This is where Artificial Intelligence can come to our rescue. The AI in Agriculture Market is projected to grow from $1.7 billion in 2023 to $4.7 billion by 2028, highlighting the pivotal role of advanced technologies in this sector. This article explores three significant issues agriculture faces today and shows how AI is helping tackle them using real-world examples.
Three key challenges farmers face
Amongst the many issues hurting farmers, three stand out due to their global presence and financial impact:
1. Pests: Pests devour approximately 40% of global agricultural productivity annually, costing at least $70 billion. From locust swarms decimating fields in Africa to fruit flies affecting orchards, the impact is global, and financial repercussions are colossal.
2. Soil Quality and Irrigation: Soil degradation affects nearly 33% of the Earth's soil, diminishing its ability to grow crops, leading to a loss of about $400 billion. Water scarcity and inefficient irrigation further dent agricultural output. Agriculture uses 70% of the world's accessible freshwater, but 60% of it is wasted due to leaky irrigation systems.
II. Industry Roundup:
1. Article: How Lufthansa Shapes Data-Driven Transformation Leaders
12 minutes | MIT SMR | Christian Haude, Ivo Blohm, and Xavier Lagardère
Lufthansa recognized that organizational resistance was hindering its transformation into a data-driven company. To combat this, the airline developed a data leadership program to enhance data literacy among its leaders, ranging from C-suite to team leaders. The initiative aimed to better integrate AI and data-driven decision-making throughout the organization. This ensured leaders could effectively drive, support, and implement AI strategies within their teams.
2. Article: Why Executives Can’t Get Comfortable With AI
07 minutes | MIT SMR | Marc Pinski, Monideepa Tarafdar, and Alexander Benlian
Executives need a strong understanding of AI to unlock its full potential. However, many executives lack deep knowledge of AI functions, which hampers their leadership in a tech-driven environment. Successful companies often have leaders who continuously update their AI knowledge and adapt to rapid changes. Executives should embrace continuous learning and become comfortable with technological advancements. This improves their decision-making using AI.
III. From my Desk:
1. Article: Building a Data-Driven Culture: Three Mistakes to Avoid
09 min | MIT Sloan Management Review
The graveyard of initiatives that use Data Science is full of accurate, well-intentioned, yet unused solutions. How could your next project go wrong? This article shares actionable tips to tackle these challenges and build a culture of data. Check out several stories from the trenches. Which of these patterns resonate & what approach worked for you? Please let me know on LinkedIn.
2. Article: The power of generative AI to generate corporate visual presentations (Spanish)
11 min | MIT Sloan Management Review
I'm thrilled to announce that my first-ever article for MIT SMR, 'The Enduring Power of Data Storytelling in the Generative AI Era,' has been published in Spanish. This piece delves into the vital role of data storytelling in our AI-driven world. While my work has previously been translated into Japanese, Portuguese, and Ukrainian, this is the first time it's available in Spanish. If you read Spanish, I’d love to hear your thoughts.
-> Read the Article in Spanish
Thank you for subscribing and reading the newsletter. I appreciate your attention,
Ganes.
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I’m Ganes Kesari. I publish ‘Data-Driven Future’ to help understand how data shapes our world, explore key trends, and explain what they mean for you today. I speak and write to demystify data science for decision-makers and organizations.
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